New research from Citizens Advice found 35% of complaints about financial services originated from a cold call. 

Consumers paid up-front fees for loans that never materialised, had their bank details passed onto other companies, and firms failed to abide by cancellation rules.

Meanwhile, during an Ofcom study 82% of adults received a nuisance call during a four week period.

The regulator found that where the person was able to identify what the call was about, 22% were for payment protection insurance (PPI) claims, and 10% of recorded sales calls were about pension rebates.

Citizens Advice found a direct correlation between shoddy financial services, cold calling and lead generation – where people’s details are passed on without their apparent permission.

Gillian Guy, chief executive of Citizens Advice, said: “People are being hounded in their homes by unscrupulous financial firms. Without a ban on cold calling for financial services people are at risk of losing some of their pension to scams or paying upfront fees for services that don’t deliver.

“A ban on cold calling will make it clear that if you are still contacted out of the blue then it is a scam or a service not to be trusted.”

Last year 9 out of 10 people surveyed by Citizens Advice were pestered by calls, emails and spam texts from claims management companies within 12 months – 72% were about making a claim for PPI.

May is Scams Awareness Month. Citizens Advice and Trading Standards have been warning people to be on the lookout for scams and how to report them.

HERE ARE EIGHT TOP TIPS TO GIVE COLD CALLERS THE COLD SHOULDER:

• Ignore spam text messages.
• Put the phone down on marketing telephone calls.
• Be careful how you share your personal contact details, and always opt out when a service asks you if they can share your details with their partners.
• Forward spam texts to your mobile provider for them to take action: 7726 for Everything Everywhere or O2, 37726 for 3, 87726 for Vodafone.
• Report any scams to Action Fraud on 0300 123 2040.
• Make a claim for mis-sold PPI yourself by contacting you bank directly.
• Get advice about claims management companies from the Citizens Advice consumer service on 08454 040506 (or Welsh speaking 08454 04 05 06), online at www.adviceguide.org.uk or from your local CAB.
• Complain to the Information Commissions Office about spam text on 030 3123 1113.